Marketing Plan in Hasty

Executive Summery:

We are launching a new under the brand name of Coca-Cola. We are actually launching a pineapple juice named Hasty. As we are launching a new product, firstly our target would be to establish our product in the market. We want to grab a satisfactory market share within a decent time. Since our competitors are well established in the beverage industry, it’s quite difficult to access at our initial phase. So during our initial stage we have to positioning our brand at the target market effectively. In this regard, we have some plus points, like, none of our local competitors offering pure nutritious juice. Even though, our product’s quality is comparable with our foreign competitors, our price is lesser then them. More specifically we want to grab 10% market share within 1 year. In case of Coca-Cola their main strength is their reputation or the image they have already created in the consumers mind. As we are launching our product under its banner certainly we will be benefited for its image. Moreover we found from a survey that 20% of the consumers looking for better quality product. Other companies don’t provide pure nutritious juice yet, but it seemed that some of them are biased to the mango juice. Therefore, most of the people like mango juice. Considering the circumstances we come with pure nutritious juice and hoping that we can grab at least 10% market share within one year.

 In the project, we faced different difficulties. We haven’t got enough statistical data to asses the targeted market. In those cases we sometimes use our own prediction or assumptions for the assessment. Moreover, we didn’t get enough time to survey in large amount, but we tried our best to be realistic.

Introduction:

On May 8, in 1886 Atlanta druggist Dr. John Styth Pemberton (former Confederate officer) invented “Coca-Cola” syrup as a brain tonic. through the merger of Pepsi-Cola and Frito-Lay. Tropicana was acquired in 1998. In 1888, Asa Griggs Candler bought the company from Dr. Pemberton. Later that same year, Dr. Pemberton died. By 1914, Candler had acquired a fortune of some $50 million. Baseball hall of famer Ty Cobb, a Georgia native, was another early investor in the company.

In 1891, Coca-Cola produced its first calendar.

In 1894, Joseph A. Biedenharn, owner of the Biedenharn Candy Company in Vicksburg, Mississippi, first bottled “Coca-Cola.”

By 1903, the use of cocaine was controversial and “Coca-Cola” decided to use only “spent coca leaves.” It also stopped advertising “Coca-Cola” as a cure for headaches and other ills.

In 1919, after his death, Griggs Candler’s family sold the interest in “Coca-Cola” to a group of businessmen led by Ernest Woodruff for $25 million. Woodruff was appointed president of “Coca-Cola” on April 28, 1923 and stayed on the job until 1955.

Objective:

As we are launching a new product, firstly our target would be to establish our product in the market. We want to grab a satisfactory market share within a decent time.

Goals:

Goal is the very initial phase of any marketing plan. It is very necessary to clear it first. Without proper goal no marketing plan will be success. More specifically we want to grab 10% market share within 1 year.

Market Situation:

From our informal survey we found the estimated position of the   companies existing in the beverage industry:

Moreover we found from a survey that 20% of the consumers looking for better quality product. Other companies don’t provide pure nutritious juice yet, but it seemed that some of them are biased to the mango juice.  Therefore, most of the people like mango juice. Considering the circumstances we come with pure nutritious juice and hoping that we can grab at least 10% market share within one year.

Company’s Expertise:

It is important for us to find out the strength and weakness of our company before launching a product. Then we can carry on our strong sight and try to overcome weaknesses.

Strength:

In case of Coca-Cola their main strength is their reputation or the image they have already created in the consumers mind. As we are launching our product under its banner certainly we will be benefited for its image.

We have another advantage which is Coca-Cola’s strong distribution channels. They will help us to reach every corner of targeted market. Even in remote areas we can find out Coca-Cola.

Weakness:

Coca-Cola is not much aggressive in marketing campaign unlike their main competitor Pepsi. They don’t frequently advertise their product. We have to keep it in mind as we are launching a new product; we have to drive an aggressive marketing campaign initially. Therefore to overcome this situation a very strong marketing campaign is inescapable.

Justification of Goals:

Since our competitors are well established in the beverage industry, it’s quite difficult to access at our initial phase. So during our initial stage we have to positioning our brand at the target market effectively. In this regard, we have some plus points, like, none of our local competitors offering pure nutritious juice. Even though, our product’s quality is comparable with our foreign competitors, our price is lesser then them. In such a way, we want to beat our local and also foreign competitors by providing better quality with reasonable price. Moreover from market survey we found that 20% of people market looking for better quality product. Moreover Coca-Cola’s image and their distribution capability are also plus point for us. Considering all these factors we think it will not be that difficult task to gain 10% market share.

Target Audience Selection:

This is the stage where marketers decide the best suitable potential market for the product and also the people for whom campaign will be operated.

Segmentation:

To find out the actual target audience of our product, we divide the whole target market in different segments on the basis of Geographic, Demographic and Psychographic factors.

Geographic Segmentation:

As our product is slight high priced one, it is difficult to target the mass market. So initially we are going to launch our product into the metropolitan city areas like, Dhaka, Chittagong, Sylhet, Khulna & Rajshahi. We are doing so, because in rural areas and small towns may not get enough consumers will be welling to pay more money for the better quality product.

Demographic Segmentation:

In the demographic segmentation we specially focused on age group and the income level. If we think of age group obviously, kids are our primary target audience, because the young generation and middle aged people may not take any kind of juice frequently, but all most all the kids like juice. Again mothers want to provide nutritious foods to their children. For this reason, we are considering mothers as our secondary target audience.  Our main targeted age group is 4-18 years. As our price is comparatively high than other existing local brands, we targeted the people

within higher middle class to high class. From our perspective, if we go for the mass market we may not found enough consumers who are willing to pay more money for a better quality & they may not think of the nutritious value.

Psychographic Segmentation:

We are providing a product which is rich in nutrition value. So it is easier for us to convince the health conscious people, if we can provide proper information. That’s why the health conscious peoples are our target audience.

Awareness Attitude Behavior Approach:

After segmentation we have to assess the segmented groups in relevant market scenario to find out who are the people best fit for our product. In this stage we have to search for the people that our total IMC campaign will focus on. According to perception about the product, we divide consumers in the following groups.

                                            1)        New Category Users.

                                            2)        Favorable Brand Switchers.

                                            3)        Other Brand Switchers.

New Category Users:

In the targeted market some people are not yet taking any kind of juice product. It is noticeable that before us no local company provides pure

nutritious juice so far. So if we can ensure quality and rich nutrition value people may be interested in this category and enter into the market. Though it is possible it is difficult to convince people to purchase a new category. That’s why we are considering them as our secondary target audience.

Favorable brand switchers:

Favorable brand switchers are our primary target audience and we are depending more on this group to fulfill our targeted objective. As we are launching a new product there is no way to have favorable perception about our brand, but they may have a positive perception about Coca-Cola Company. We are launching our product under the Coca-Cola banner. So we can convince them very easily.

Other Brand Switchers:

Other brand switchers are those who have little negative perception towards our brand or company. They may not be well aware about our brand. Moreover, they may have moderately favorable perception towards other existing brand like, Slice, Pran, Starship etc, but we have an advantage as our product is unique in its quality, test and food value. We are not using any artificial color, no added sugar in our product. So if we can present themselves information about our nutrition ingredients, they may switch to our brand. Moreover our product’s cost is lower than the foreign brand that produces pure juice. Considering these things they might switch to our brand. We are assessing themselves as our secondary target audience. Even though it is possible, but it is difficult to change their perception.

Estimated Target Audience

 Pricing Method:

In case of pricing method we will use the perceived value pricing. It is the pricing method in which the company bases their price on the customer’s perceived value. In this case the company delivers the value promised by their value proposition, and the customer must perceive the value. As we are conducting a market survey about the customer perception and we find that Moreover from market survey we found that 20% of people market looking for better quality product. In this regard, we have some plus points, like, none of our local competitors offering pure nutritious juice. Even though, our product’s quality is comparable with our foreign competitors, our price is lesser then them. In such a way, we want to beat our local and also foreign competitors by providing better quality with reasonable price.

Target Audience Action Objective:

Action objectives refers to the specific action that the campaign should motivate the target audience. It should be measurable, observable and actual behavior. As we are launching new brand, our action objective would be to encourage trial. To operate a high trial rate as action objective, promotion should be offered frequently.

Communication Objective:

Communication objective means some certain communication effects that are targeted for through a marketing communication campaign.

a. Category Need:

Category need is the necessities of a product to solve a particular problem for earn the customers satisfaction. Category need is already established in the market. So we don’t need to aware people about the category benefits or attributes.

b. Brand Awareness:

Raising brand awareness is our main objective. Now we are launching a new product, initially we will face a very competitive market as there are many establish brands. So we have to advertise and offer promotions highly to introduce our brand in the market. We have to design our product and advertise it in such a way that its physical features like logos, pack colors, name these things make an impact on customers mind. Finally we have to ensure that people can recall our product, whenever they see our logo (see appendix 2) or the attractive shape and color theme (see appendix 3) we used in our product.

c. Brand Attitude:

Our brand’s currently relevant motivation towards the consumer is to provide pure and nutritious juice which would be catch up the buyer’s evaluation about the perceive ability of our brand. This perceived ability means quickness in movement & lead a healthy life. As super belief is the basic component of brand attitude, it connects the brand with the buyer’s purchase and usage motivation. As SUPER Belief is a basic component of Brand Attitude it connects the brand with the purchase and usage motivation of consumers. Here our buyer’s purchase motive is informational then our super belief would be ‘Experience with the purity.’ As we are launching a new product we don’t have any brand attitude, so our managerial option regarding brand attitude would be to create a favorable brand attitude.

d. Brand Purchase Intention:

It means buyers self instruction to purchase the brand or take other purchase related action. In this situation, our product is low involvement brand. So our communication objective should be assuming brand purchase intention. On the other hand, if we give promotion with our product then our communication objective would be generating brand purchase intention.

e. Purchase Facilitation:

It means buyers assurance that other marketing factors are properly in place not to hinder the purchase of a brand. Here the marketing factors are just from the buyer’s perspective. In this situation as we have perceived problems with other marketing factors.

IMC Planning:

Integrated Marketing Communication Planning

(From September 2004 to August 2005)

Explanation:

Consumer Promotion:

We are operating our consumer promotion at September, October, December, March, July and August

P1: As we are launching a new product, we want to make familiar our product to consumer at the very beginning. This promotion is only for our 250ml can pack, for that we are offering a scratch card with the picture of the gifts. Our gifts are Yoyo, Cricket ball, bat, and also dairy milk chocolate is also available in each scratch card. We think our gifts are relevant to the customers. Because, the gifts are quite attractive to the kids and the gifts are also get appetence of mothers.

P2: Here we are using a scratch card, where a price off are written. Our promotion is for the occasion of Eid. During this time people have some extra money. So we think they may go for trial. If we offer this price off then the favorable brand switchers may divert to our brand. Our tag line will be “Check your luck”.

P3: To continue the communication with the Target Audience, we are giving this promotion in July-August. This promotion begins in the middle of the July and finished in the last of August.

Retailer Promotion:

We also offer some promotion for the retailers. We will offer this promotion in the month of September-October (2004), December to January, April & July. Because we think consumers are another way to increase our product sell. They have the power to influence the consumer very easily. They are the people who directly communicate with the customers. We are going to offer them Hasty shirt, Cap, Jug and so on.

News paper: Especially we will advertise our product during the promotion time. This adds will help us to advertise about our product with the promotion.

Banners & Posters: We are using our banners during the time of promotions and we think that posters will cover the whole year.

Magazines: We have to give advertisement in some selected magazines. For the kids we will give “Kishor Potrika”,”Toi Tombur” and also computer

magazines and for the mothers we are giving advertisement on “Bangla Bazar” Manob Jomin” “ Television” etc.

TVC Airing: Our most frequently TVC airing will be the time of the promotion. We will telecast our promotional TVC ad in the local TV, but our regular TVC ad. will be telecast on the satellite channels. Because we found that the 82% women & are like to watch satellite channels. Our TVC for kids will be telecast from 1.30 pm to 4.30 pm heavily, because kids are like to watch TV in that time and they are like to see Cartoon Network.

On road Advertisement: We will advertise our product on the 21^st February and 14^th April, the new day of the Bangla year. Here we will take a truck and hire a group of singers. They will be singing about the attributes of our product.

Participation In a Fair: We will participate International Trade Fair with a join venture of Coca-Cola.

Festoon & Bill board: We will fix up our festoons and bill boards on the road side & divider of Mohakhali, Banani, Gulshan, Uttara, Mirpur Road.

Free sampling: We will make some free sampling on the most reputed and prestigious schools and colleges. We will go with free sampling on the January as a welcome gift and we think it will creates an excitement to our Target Audience.

Others: We also go with free stickers, ballons, creative art tournament and also self display on the super stores.

Survey Summary:

In our open question we found that kids like to watch cartoon channels and mothers like to see Star TV and Sony TV.

Conclusion:

In our conclusion we can say that Hasty would be a promising brand by considering all threats and opportunities and company’s strength and weaknesses, we are confident that we can achieve 10% market share within a year.